Warsaw Stock Exchange (GPW) Guide for Beginners 2026

Gielda Papierow Wartosciowych w Warszawie (GPW), the Warsaw Stock Exchange, is the largest stock exchange in Central and Eastern Europe. With approximately 420 listed companies, a total market capitalisation of around 1.5 trillion PLN, and a growing selection of ETFs and bonds, GPW is where most Polish investors begin their journey.

GPW at a glance

Key indices

WIG (Warszawski Indeks Gieldowy)

The broadest index, covering all companies on the main market. It is a total return index (includes dividends), making it the best benchmark for overall GPW performance. As of early 2026, WIG stands at approximately 95,000-100,000 points, up significantly from its 2022 lows.

WIG20

The blue-chip index tracking the 20 largest and most liquid companies. Composition is dominated by:

• Banks: PKO BP, Pekao, Santander PL, mBank
• Energy: PKN Orlen, PGE, PGNiG (now part of Orlen)
• Mining: KGHM
• Insurance: PZU
• Tech: Allegro, CD Projekt
• Retail: Dino Polska, LPP

WIG20 is a price index (does not include dividends), which makes it look worse than WIG over long periods. The total return version (WIG20TR) gives a fairer picture.

mWIG40

Mid-cap index tracking the 40 next-largest companies. Historically, mWIG40 has outperformed WIG20 over long periods, as mid-caps benefit from growth dynamics that blue chips lack. Key components include Budimex, Inter Cars, Benefit Systems, Kruk, and LiveChat Software.

sWIG80

Small-cap index. Higher volatility and lower liquidity but potential for higher returns. Less suitable for beginners due to wider bid-ask spreads and lower analyst coverage.

Trading on GPW

Trading sessions

Order types

• Market order (PKC): Executes immediately at the best available price. Use for liquid stocks (WIG20 components).
• Limit order: Executes only at your specified price or better. Recommended for all but the most liquid stocks.
• Stop-loss: Triggers a market or limit order when the price drops to your specified level.

Settlement

GPW uses T+2 settlement: when you buy shares on Monday, they settle (become yours officially) on Wednesday. You can sell on the same day you buy, but the proceeds from the sale also settle T+2.

How to start investing on GPW

Step 1: Open a brokerage account

You need a rachunek maklerski (brokerage account) at a licensed Polish broker or a foreign broker with GPW access.

Polish brokers with GPW access:

XTB stands out with zero commission on GPW stocks and ETFs. For someone buying WIG20 components or Beta ETFs, this is the cheapest option.

Step 2: Fund your account

Transfer PLN from your bank account to your brokerage account. Domestic transfers typically arrive same-day or next business day. Most brokers provide a dedicated transfer reference number.

Step 3: Place your first order

Choose a stock or ETF, select order type (limit recommended for beginners), specify the number of shares and price, and confirm. Your broker's platform will show the order book, recent trades, and charts.

ETFs on GPW

The GPW ETF market has grown significantly, primarily through Beta ETF products:

These ETFs are denominated in PLN and trade during GPW hours. They offer a simple way to get exposure to Polish or US indices without opening a foreign brokerage account.

Caution: GPW-listed ETFs have significantly lower liquidity than their XETRA-listed equivalents (VWCE, IWDA). Bid-ask spreads can be 0.3-1% on less popular ETFs, which adds hidden costs. For larger investments, buying VWCE or IWDA on XETRA through your Polish broker is usually more cost-effective.

Tax treatment

Capital gains tax (podatek Belki)

Profits from selling shares are taxed at 19% flat rate. You receive a PIT-8C form from your broker by the end of February each year, detailing all transactions. You then file PIT-38 by April 30.

FIFO rule: Poland uses first-in, first-out accounting. If you bought 100 shares at 50 PLN and later 100 shares at 60 PLN, selling 100 shares uses the 50 PLN cost basis.

Dividends

Dividends from Polish companies are taxed at 19% (withholding), deducted at source. You receive the net amount in your brokerage account. No additional filing required.

IKE/IKZE tax advantages

Buying GPW stocks or ETFs within an IKE (no tax on gains or dividends if held until retirement) or IKZE (tax deduction on contributions, 10% flat tax on withdrawal) eliminates or reduces the capital gains tax burden.

Polish market characteristics

Bank-heavy composition

Banks make up approximately 35-40% of WIG20 by weight. This means GPW performance is heavily influenced by NBP interest rate decisions and the Polish banking sector's health. When rates rose in 2022-2023, Polish bank stocks surged. If rates fall, banks face margin compression.

State ownership overhang

Several WIG20 companies are partially state-owned (PKN Orlen, PGE, PZU, PKO BP). Government policy decisions (dividend mandates, social programs run through state companies, management changes after elections) create risks that do not exist for fully private companies.

Low liquidity risk

Outside of WIG20, liquidity drops rapidly. mWIG40 stocks may trade 0.5-2 million PLN daily, and sWIG80 stocks can trade under 100,000 PLN/day. This means larger buy or sell orders can move prices significantly.

Notable Polish companies worth watching

• CD Projekt: Gaming company (Cyberpunk 2077, The Witcher). Volatile but globally competitive.
• Allegro: Poland's dominant e-commerce platform. Comparable to Amazon for the Polish market.
• Dino Polska: Grocery chain with aggressive expansion in Polish small towns. Consistent growth.
• LPP: Fashion group (Reserved, Cropp, Sinsay). Major CEE retailer.
• KGHM: One of the world's largest copper and silver producers. Commodity price dependent.
• LiveChat Software: SaaS company, rare pure-tech play on GPW.
• Inter Cars: Auto parts distributor, market leader in CEE.

Track your GPW investments alongside international ETFs, crypto, and savings in Freenance. Import your brokerage account to see your complete portfolio allocation, dividend income, and net worth trajectory.

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